Test Series: October, 2017

MOCK TEST PAPER - 2

INTERMEDIATE (IPC): GROUP – II
PAPER – 5: ADVANCED ACCOUNTING
SUGGESTED ANSWERS/HINTS
1. (a) (i) Interest for the period 2016-17
= US $ 10 lakhs x 4% × Rs. 62 per US$ = Rs. 24.80 lakhs
(ii) Increase in the liability towards the principal amount
= US $ 10 lakhs × Rs. (62 - 56) = Rs. 60 lakhs
(iii) Interest that would have resulted if the loan was taken in Indian currency
= US $ 10 lakhs × Rs. 56 x 10.5% = Rs. 58.80 lakhs
(iv) Difference between interest on local currency borrowing and foreign currency
borrowing = Rs. 58.80 lakhs - Rs. 24.80 lakhs = Rs. 34 lakhs.
Therefore, out of Rs. 60 lakhs increase in the liability towards principal amount, only Rs. 34
lakhs will be considered as the borrowing cost. Thus, total borrowing cost would be
Rs. 58.80 lakhs being the aggregate of interest of Rs. 24.80 lakhs on foreign currency
borrowings plus the exchange difference to the extent of difference between interest on local
currency borrowing and interest on foreign currency borrowing of Rs. 34 lakhs.
Hence, Rs. 58.80 lakhs would be considered as the borrowing cost to be accounted for as
per AS 16 and the remaining Rs. 26 lakhs (60 - 34) would be considered as the exchange
difference to be accounted for as per AS 11.
(b) Following will be the treatment in the given cases:
(i) When sales price of Rs. 50 lakhs is equal to fair value, A Ltd. should immediately
recognise the profit of Rs.10 lakhs (i.e. 50 – 40) in its books.
(ii) When fair value of leased machinery is Rs. 45 lakhs & sales price is Rs. 38 lakhs, then
loss of Rs. 2 lakhs (40 – 38) to be immediately recognised by A Ltd. in its books
provided loss is not compensated by future lease payment.
(iii) When fair value is Rs. 40 lakhs & sales price is Rs. 50 lakhs then, profit of Rs. 10 lakhs
is to be deferred and amortised over the lease period.
(iv) When fair value is Rs. 46 lakhs & sales price is Rs. 50 lakhs, profit of Rs. 6 lakhs
(46-40) to be immediately recognised in its books and balance profit of Rs. 4 lakhs
(50-46) is to be amortised/deferred over lease period.
(v) When fair value is Rs. 35 lakhs & sales price is Rs. 39 lakhs, then the loss of Rs. 5
lakhs (40-35) to be immediately recognised by A Ltd. in its books and profit of Rs. 4
lakhs (39-35) should be amortised/deferred over lease period.
(c) Computation of Basic Earnings per Share
Year 2015-16 Year 2016-17
(Rs.) (Rs.)
(i) EPS for the year 2015-16 as originally reported
= Net profit for the year attributable to equity
share holder / weighted average number of
equity shares outstanding during the year

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 22,00,000
R 2.20
10,00,000 shares
(ii) EPS for the year 2015-16 restated for the right
issue 2.12
22,00,000
10,00,000 shares x 1.04
(iii) EPS for the year 2016-17 (including effect of right
issue) 2.62
30,00,000
(10,00,000 x 1.04 x 4/12)  (12,00,000 x 8/12)

Working Notes:
1. Computation of theoretical ex-rights fair value per share =
Fair value of all outstanding shares immediately prior to exercise of rights+total amount received from exercise
Number of shares outstanding prior to exercise + number of shares issued in the exercise

Rs. 32 10,00,000   Rs. 25  2,00,000 

= Rs. 30.83
10,00,000  2,00,000
2. Computation of adjustment factor
Fair value per share prior to exercise of rights
Theoretical ex-rights value per share

Rs. 32
= = Rs. 1.04 (approx.)
Rs. 30.83
(d) As per para 8 of AS 5 “Net Profit or Loss for the Period, Prior Period Items and Changes in
Accounting Policies”, Extraordinary items should be disclosed in the statement of profit and
loss as a part of net profit or loss for the period. The nature and the amount of each
extraordinary item should be separately disclosed in the statement of profit and loss in a
manner that its impact on current profit or loss can be perceived. In the given case the
selling of land to tide over liquidation problems as well as fire in the Factory does not
constitute ordinary activities of the Company. These items are distinct from the ordinary
activities of the business. Both the events are material in nature and expected not to recur
frequently or regularly. Thus, these are Extraordinary Items.
Therefore, in the given case, disclosing net profits by setting off fire losses against profit
from sale of land is not correct. The profit on sale of land, and loss due to fire should be
disclosed separately in the statement of profit and loss.
2. Journal Entries
Rs. Rs.
Bank A/c Dr. 10,00,000
To Equity share capital A/c 10,00,000
(Being money on final call received)
Equity share capital (Rs. 50) A/c Dr. 75,00,000
To Equity share capital (Rs. 40) A/c 60,00,000
To Capital Reduction A/c 15,00,000
(Being conversion of equity share capital of Rs. 50 each into
Rs. 40 each as per reconstruction scheme)

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 Bank A/c Dr. 12,50,000
To Equity Share Capital A/c 12,50,000
(Being new shares allotted at Rs. 40 each)
Trade payables A/c Dr. 12,40,000
To Equity share capital A/c 7,50,000
To Bank A/c (4,90,000 x 70%) 3,43,000
To Capital Reduction A/c 1,47,000
(Being payment made to trade payables in shares or cash to the
extent of 70% as per reconstruction scheme)
8% Debentures A/c Dr. 3,00,000
12% Debentures A/c Dr. 4,00,000
To A A/c 7,00,000
(Being cancellation of 8% and 12% debentures of A)
A A/c Dr. 8,00,000
To 15% Debentures A/c 6,00,000
To Capital Reduction A/c 2,00,000
(Being issuance of new 15% debentures and balance transferred
to capital reduction account as per reconstruction scheme)
Bank A/c Dr. 1,00,000
To A A/c 1,00,000
(Being new debentures subscribed by A)
8% Debentures A/c Dr. 1,00,000
12% Debentures A/c Dr. 2,00,000
To B A/c 3,00,000
(Being cancellation of 8% and 12% debentures of B)
B A/c Dr. 3,00,000
To 15% Debentures A/c 2,50,000
To Capital Reduction A/c 50,000
(Being issuance of new 15% debentures and balance transferred
to capital reduction account as per reconstruction scheme)
Land and Building Dr.
(51,84,000 – 42,70,000) 9,14,000
Inventories Dr. 30,000
To Capital Reduction A/c 9,44,000
(Being value of assets appreciated)
Outstanding expenses A/c Dr. 10,60,000
To Bank A/c 10,60,000
(Being outstanding expenses paid in cash)
Capital Reduction A/c Dr. 33,41,000
To Machinery A/c 1,30,000
To Computers A/c 1,20,000
To Trade receivables A/c 1,09,000
To Profit and Loss A/c 29,82,000
(Being amount of Capital Reduction utilized in writing off P & L A/c
(Dr.) balance and downfall in value of other assets)
Capital Reserve A/c Dr. 5,00,000
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 To Capital Reduction A/c 5,00,000
(Being debit balance of capital reduction account adjusted
against capital reserve)
Balance Sheet of Xylem Ltd. (as reduced) as on 31.3.2017
Particulars Notes Rs.
Equity and Liabilities
1 Shareholders' funds
a Share capital 1 80,00,000
2 Non-current liabilities
a Long-term borrowings 2 8,50,000
Total 88,50,000
Assets
1 Non-current assets
a Fixed assets
Tangible assets 3 63,04,000
2 Current assets
a Inventories 3,50,000
b Trade receivables 9,81,000
c Cash and cash equivalents 12,15,000
Total 88,50,000
Notes to accounts
Rs.
1. Share Capital
2,00,000 Equity shares of Rs. 40 80,00,000
2. Long-term borrowings
Secured
15% Debentures (assumed to be secured) 8,50,000
3. Tangible assets
Land & Building 51,84,000
Machinery 7,20,000
Computers 4,00,000 63,04,000
Working Notes:
1. Cash at Bank Account
Particulars Rs. Particulars Rs.
To Balance b/d 2,68,000 By Trade payables A/c 3,43,000
To Equity Share capital A/c 10,00,000 By Outstanding expenses A/c 10,60,000
To Equity Share Capital A/c 12,50,000 By Balance c/d (bal. fig.) 12,15,000
To A A/c 1,00,000
26,18,000 26,18,000

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 2. Capital Reduction Account
Particulars Rs. Particulars Rs.
To Machinery A/c 1,30,000 By Equity Share Capital A/c 15,00,000
To Computers A/c 1,20,000 By Trade payables A/c 1,47,000
To Trade receivables A/c 1,09,000 By A A/c 2,00,000
To Profit and Loss A/c 29,82,000 By B A/c 50,000
By Land & Building 9,14,000
By Inventories 30,000
By Capital Reserve A/c 5,00,000
33,41,000 33,41,000
3 (a) Number of Shares to be issued to Partners
Rs.
Assets: Machinery Rs. 1,40,000 + Inventory Rs. 1,37,400 + Trade 5,01,400
Receivable Rs.1,24,000 + Bank Rs. 1,00,000
Less: Liabilities taken over (1,69,400)
Net Assets taken over (Purchase Consideration) 3,32,000

Classes of Shares to be issued: M N O Total

10% Preference Shares of Rs. 10 each 1,36,000 90,000 46,000 2,72,000
(to retain rights as to Interest on Capital)
Balance in Equity Shares of Rs. 10 each 30,000 18,000 12,000 60,000
(3,32,000 -2,72,000) (issued in profit
sharing ratio)
1,66,000 1,08,000 58,000 3,32,000
(b) Partners’ Capital Accounts
Particulars M N O Particulars M N O
To Drawings 50,000 46,000 34,000 By balance b/d 1,36,000 90,000 46,000
To 10% Preference 1,36,000 90,000 46,000 By Interest on 13,600 9,000 4,600
share capital Capital
To Equity Shares 30,000 18,000 12,000 By profit for the 1,10,700 66,420 44,280
year 5:3:2
(W.N. 1)
To Bank –Additional 54,300 17,420 6,880 By Machinery* A/c 10,000 6,000 4,000
drawings (W.N. 2)
Total 2,70,300 1,71,420 98,880 2,70,300 1,71,420 98,880

* Gain on Transfer of Machinery = Rs. 1,40,000 – (Rs. 2,00,000-Rs. 80,000) = Rs. 20,000 in
5:3:2 ratio.
(c) Balance sheet of MNO Ltd. as on 31 st March, 2017 (after Takeover of Firm)
Note no. Rs.
I Equity and Liabilities:
(1) Shareholders Funds
Share Capital 1 3,32,000
(2) Current Liabilities
Trade Payables 1,69,400
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 Total 5,01,400
II Assets
(1) Non-Current Assets
Fixed Assets
Tangible Assets- Machinery 1,40,000
(2) Current Assets:
(a) Inventories 1,37,400
(b) Trade Receivables 1,24,000
(c) Cash and Cash Equivalents 1,00,000
Total 5,01,400
Notes to Accounts
Particulars Rs.
1. Share capital
Authorized shares capital 20,00,000
Issued, Subscribed & paid up
6,000 Equity Shares of Rs. 10 each 60,000
27,200 10% Preference Shares capital of Rs. 10 each 2,72,000
(All above shares issued for consideration other than cash, in 3,32,000
takeover of partnership firm)
Working Notes:
1. Profit & Loss Appropriation Account for the year ended 31 st March, 2017
Particulars Rs. Rs. Particulars Rs.
To Interest on Capital: By Net Profit 2,48,600
M [Rs. 1,36,000 x 10%] 13,600 (given)
N [Rs. 90,000 x 10%] 9,000
O [Rs. 46,000 x 10%] 4,600 27,200
To Profits transferred to
Capital in profit sharing
ratio 5:3:2
M 1,10,700
N 66,420
O 44,280 2,21,400
2,48,600 2,48,600
2. Statement showing Additional Drawings in Cash
(a) Funds available for Drawings
Total Drawing of Partners (given) 1,30,000
Add: Further Funds available for Drawings (1,78,600-1,00,000) 78,600
2,08,600
Less: Interest on Capital (27,200)
Amount available for Additional Drawings 1,81,400

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 (b) Ascertainment of Additional Drawings
Particulars M N O
As per above statement Rs. 1,81,400 90,700 54,420 36,280
(in profit sharing ratio)
Add: Interest 13,600 9,000 4,600
1,04,300 63,420 40,880
Less: Already drawn (50,000) (46,000) (34,000)
Additional Drawings 54,300 17,420 6,880
4. (a) (i) Calculation of Rebate on bills discounted (not due) on 31.3.2017
S. No. Amount Due date Unexpired Rate of Rebate on bill
(Rs.) 2017 portion discount discounted (Rs.)
(i) 7,50,000 April 8 8 days 12% 1,972
(ii) 3,00,000 May 5 35 days 14% 4,028
(iii) 4,40,000 June 12 73 days 14% 12,320
(iv) 9,60,000 July 15 106 days 15% 4,1820
60,140
(ii) Amount of discount to be credited to the Profit and Loss Account
Rs.
Transfer from Rebate on bills discount as on 31 st March, 2016 66,400
Add: Discount received during the year ended 31 st March, 2017 3,00,000
3,66,400
Less: Rebate on bills discounted as on 31 st March, 2017 60,140
Discount credited to the Profit and Loss Account 3,06,260
(b) Modern Insurance Company (Abstract showing the Amount of claims)
Net Claims incurred
Rs.
Claims paid on direct business (7,06,000 + 7,600 + 8,400) 7,22,000
Add: Re-insurance 1,64,000
Add: Outstanding as on 31.3.2017 17,400
Less: Outstanding as on 1.4.2016 (11,600) 1,69,800
8,91,800
Less: Claims received from re-insurance 64,000
Add: Outstanding as on 31.3.2017 28,400
Less: Outstanding as on 1.4.2016 (17,000) (75,400)
8,16,400
Add: Outstanding direct claims at the end of the year 1,75,000
9,91,400
Less: Outstanding claims at the beginning of the year (1,64,600)
Net claims incurred 8,26,800

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 (c) The event is a non-adjusting event with reference to the provisions of AS 4 “Contingencies
and Events Occurring After the Balance Sheet Date” since it occurred after the year-end and
does not relate to the conditions existing at the year-end. However, the event would appear
to be of such significance as to require a disclosure in the report of the approving authority
to enable users of the financial statements to make proper evaluation and decision, hence,
such disclosure is recommended.
5. (a) Step 1: Calculation of Deficiency
Branch stock account (at invoice price)
Particulars Rs. Particulars Rs.
To Opening Stock (Rs. 74,736 + 1/3 By Sales 3,61,280
of Rs. 74,736) 99,648
To Goods sent to Branch A/c By Closing Stock 1,23,328
(Rs. 2,89,680 + 1/3 of Rs. 2,89,680) 3,86,240
By Deficiency at sale
price [Balancing figure] 1,280
4,85,888 4,85,888
Step 2: Calculation of Net Profit before Commission
Branch account
Particulars Rs. Particulars Rs.
To Opening [Rs. 74,736 + 1/3 of 99,648 By Sales 3,61,280
Rs. 74,736]
To Gross sent to Branch A/c 3,86,240 By Closing Stock 1,23,328
(Rs. 2,89,680 + 1/3 of Rs. 2,89,680)
To Expenses 49,120 By Stock Reserve A/c 24,912
To Stock Reserve A/c (Rs. 1,23,328 x 30,832 By goods sent to 96,560
25/100] Branch A/c
To Net Profit – subject to manager’s
commission 40,240
6,06,080 6,06,080
Step 3: Calculation of Commission still due to manager
Rs.
A Calculation at 10% profit before charging his commission
[Rs. 40,240 x 10/100] 4,024
B Less: 25% of cost of deficiency in stock (25% of (75% of Rs. 1,280) (240)
C Commission for the year [A-B] 3,784
D Less: Paid on account (2,400)
E Balance due (C-D) 1,384
(b) Calculation of unrealized profit of each department and total unrealized profit
Dept. A Dept. B Dept. C Total
Rs. Rs. Rs. Rs.
Unrealized
Profit of:
Department A 45,000 x 50/150 = 15,000 42,000 x 20/120 = 7,000 22,000

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 Department B 40,000 x .25 = 72,000 x .15= 10,800 20,800
10,000
Department C 39,000 x 42,000 x 40/140 = 12,000
30/130 = 9,000 21,000
63,800

Total unrealized profit is Rs. 63,800.

(c)
Particulars Financial Capital Maintenance at
Historical Cost (Rs.)
Closing equity
18,00,000 represented by cash
(Rs. 30 x 60,000 units)
Opening equity 60,000 units x Rs. 20 = 12,00,000
Permissible drawings to keep Capital intact 6,00,000 (18,00,000 – 12,00,000)
6. (Rs. in lakhs)
Date Particulars Debit Credit
01.04.20X1 9% Redeemable preference share capital A/c Dr. 20.00
Premium on redemption of preference shares A/c Dr. 2.00
To Preference shareholders A/c 22.00
(Being preference share capital transferred to
shareholders account)
01.04.20X1 Preference shareholders A/c Dr. 22.00
To Bank A/c 22.00
(Being payment made to shareholders)
01.04.20X1 Equity shares buy back A/c Dr. 90.00
To Bank A/c 90.00
(Being 3 lakhs equity shares of Rs. 10 each bought
back @ Rs.30 per share)
01.04.20X1 Equity share capital A/c Dr. 30.00
Securities premium A/c Dr. 60.00
To Equity Shares buy back A/c 90.00
(Being cancellation of shares bought back)
01.04.20X1 Revenue reserve A/c Dr. 50.00
To Capital redemption reserve A/c 50.00
(Being creation of capital redemption reserve
account to the extent of the face value of
preference shares redeemed and equity shares
bought back as per the law)
01.04.20X1 10% Debentures A/c Dr. 2.20
To Investment (own debentures) A/c 2.00
To Profit on cancellation of own debentures A/c 0.20
(Being cancellation of own debentures costing
Rs. 2 lakhs, face value being Rs. 2.20 lakhs and the
balance being profit on cancellation of debentures)
1.04.20X1 Profit on cancellation of debentures A/c Dr. 0.20
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 To Capital reserve A/c 0.20
(Being profit on cancellation of debentures
transferred to capital reserve account)
01.04.20X1 Bank A/c Dr. 10.00
Employees stock option outstanding (Current
liabilities) A/c Dr. 5.00
To Equity share capital A/c 5.00
To Securities premium A/c 10.00
(Being the allotment to employees, of 50,000
shares of Rs. 10 each at a premium of 20 per
share in exercise of stock options by employees)
01.04.20X1 Securities premium A/c Dr. 2.00
To Premium on redemption of preference 2.00
shares A/c
(Being premium on redemption of preference
shares adjusted through securities premium)
Balance Sheet of Extra Ltd. as on 01.04.20X1
Particulars Note No (Rs. in lakhs)
I. Equity and Liabilities
(1) Shareholder's Funds
(a) Share Capital 1 75.00
(b) Reserves and Surplus 2 66.20
(2) Non-current Liabilities
(a) Long term borrowings 3 1.80
(3) Current Liabilities 65.00
Total 208.00
II. Assets
(1) Non-current assets
(a) Fixed assets 50.00
(b) Non-current investments at cost 118.00
(2) Current assets 4 40.00
Total 208.00
Notes to Accounts
Rs. in lakhs
1 Share Capital
Equity share capital
Opening balance 100.00
Less : Cancellation of bought back shares (30.00)
Add : Shares issued against ESOP 5.00 75.00
2 Reserves and Surplus
Capital Reserve
Opening balance 8.00
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 Add: Profit on cancellation of debentures 0.20 8.20
Revenue reserves
Opening balance 50.00
Less: Creation of Capital Redemption Reserve (50.00) -
Securities Premium
Opening balance 60.00
Less : Adjustment for cancellation of equity shares (60.00)
Less: Adjustment for premium on redemption of preference (2.00)
shares
Add: Shares issued against ESOP at premium 10.00 8.00
Capital Redemption Reserve 50.00
66.20
3 Long term borrowings
Secured
10% Debentures (4-2.20) 1.80
Working Notes:
(Rs. in lakhs)
1. 10% Debentures
Opening balance 4.00
Less: Cancellation of own debentures (2.20)
1.80
2. Current liabilities
Opening balance 70.00
Less: Adjustment for ESOP outstanding (5.00)
65.00
3. Investments at cost
Opening balance 120.00
Less: Investment in own debentures (2.00)
118.00
4. Current assets
Opening balance 142.00
Less: Payment to preference shareholders (22.00)
Less: Payment to equity shareholders (90.00)
Add: Share price received against ESOP 10.00
40.00
7. (a) From the fixed assets account given in the question, it is inferred that the Company follows
Reduction Method for accounting of Government Grants. Accordingly, out of the
Rs.16,00,000 that has been received, Rs.8,00,000 (being the balance in Machinery A/c)
should be credited to the machinery A/c. The balance Rs. 8,00,000 may be credited to P&L
A/c, since already the cost of the asset to the tune of Rs.12,00,000 had been debited to P&L
A/c in the earlier years by way of depreciation charge, and Rs. 8,00,000 transferred to P&L
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 A/c now would be partial recovery of that cost. There is no need to provide depreciation for
2015-16 or 2016-17 as the depreciable amount is now Nil.
(b) Calculation of Total Remuneration payable to Liquidator
Amount in Rs.
2% on Assets realised (45,00,000 x 2%) 90,000
3% on payment made to Preferential creditors 1,25,000 x 3% 3,750
3% on payment made to Unsecured creditors
(Refer W.N) 79,551
Total Remuneration payable to Liquidator 1,73,301
Working Note:
Liquidator’s remuneration on payment to unsecured creditors =
Cash available for unsecured creditors after all payments including liquidation expenses,
payment to secured creditors, preferential creditors & liquidator’s remuneration
= Rs. 45,00,000 – Rs. 50,000 – Rs. 15,00,000 – Rs. 1,25,000 – Rs. 90,000 – Rs. 3,750
= Rs. 27,31,250
Liquidator’s remuneration on payment to unsecured creditors = 3/103 x Rs. 27,31,250 =
Rs. 79,551.
(c) As per AS 26 ‘Intangible Assets’, the depreciable amount of an intangible asset should be
allocated on a systematic basis over its useful life. Also there is a rebuttable presumption
that the useful life of an intangible asset will not exceed 10 years from the date it is available
for use. The amortization should commence when the asset is available for use. As per AS
26, if there has been a significant change in the expected pattern of economic benefits from
the asset, the amortisation method should be changed to reflect the changed pattern.
The company has been following a policy of amortization over a period of 8 years. As on
01-4-2017, 5 years have passed and the carrying amount stands at Rs. 30 lakhs. If the same
treatment were to be continued, this would have been amortized over the next 3 years. But
the revised estimate of remaining useful life would extend the period by another 5 years to
amortize the carrying amount, the Company would be advised to amortise the carrying value
over the next 5 years. Thus after revision in estimated useful life, the amount of Rs. 30 lakhs
would be amortised over next 5 years.
(d) AS 29 “Provisions, Contingent Liabilities and Contingent Assets” provides that when an
enterprise has a present obligation, as a result of past events, that probably requires an
outflow of resources and a reliable estimate can be made of the amount of obligation, a
provision should be recognised. Sun Ltd. has the obligation to deliver the goods within the
scheduled time as per the contract. It is probable that Sun Ltd. will fail to deliver the goods
within the schedule and it is also possible to estimate the amount of compensation.
Therefore, Sun Ltd. should provide for the contingency amounting Rs. 1.5 crores as per
AS 29.
(e) Journal Entries
Particulars Dr. Cr.
Rs. Rs.
15thMarch Bank A/c (9,500 x 40) Dr. 3,80,000
20X2 to Employee compensation expense A/c
[9,500 x (130-40) Dr. 8,55,000

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 31st March To Equity share capital A/c (9,500 x 10) 95,000
20X2 To Securities premium A/c [9,500 x (130-10)] 11,40,000
(Being allotment to employees of 9,500 equity shares of
Rs. 10 each at a premium of Rs. 120 per share in exercise
of stock options by employees)
31st Profit and Loss A/c Dr. 8,55,000
March To Employee compensation expense A/c 8,55,000
20X2 (Being transfer of employee compensation expense to
profit and loss account)

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